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Forex: USD/CHF extends to 9-month lows below 1.0000

By FXstreet.com,  September 14, 2010, 10:38:00 AM EDT

FXstreet.com (Barcelona) - The US Dollar i dropping across the board on early US session and USD/CHF decline from 1.0275 high on Friday has finally extended below 1.0000 psychological support to reach fresh 9-months low at 0.9970 so far.

The pair's downtrend has confirmed after losing 10060/65 support, says Slobodan Drvenica, technical analyst at Windsor Brokers Ltd, who points out to 0.9916 as next downside focus: "Rejection at 1.0276, near 38.2% of 1.0630/1.0060 decline, confirmed the underlying bear structure. Loss of critical support at 1.0065/60, multi year bear continuation pivot, would project a significant weakness longer-term, with 0.9916 seen first. Upside, 1.0071 caps for now."

Next support levels, according to Drvenica, lie at 0.9960, 0.9949 and 0.9916. On the upside, the pair faces resistance at 1.0071, 1.0097 and 1.0132.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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